HCL Tech Q3: Weak macros, narrow FY23 guidance limit upside, warn analysts

Although HCL Technologies (HCL Tech) reported an all-round beat in the December quarter of this fiscal year (Q3FY23), the management's narrowed revenue and margin guidance for FY23 worried investors on Dalal Street.

 

In Friday's trade, the stock gained marginally to close at Rs 1,077 per share, as against 0.5 per cent rise in the S&P BSE Sensex.

 

The IT major delivered 5 per cent quarter-on-quarter (QoQ) revenue growth in cross-currency (CC) terms to $3,244 million in Q3FY23, beating brokerage estimates of 2-3 per cent. EBIT margin, too, was ahead of Street estimates as it expanded by nearly 165 basis points (bps) QoQ